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Covid-19 (Coronavirus) Update

Coronavirus is having a huge impact on all sectors of business. Despite this, businesses are still having to manage their books, file VAT returns, run payrolls and most importantly their credit control processes. TFMC is continuing to provide our full range of services through this difficult time. For the latest information and support visit our Blog section or use our app with regular updates sent direct to your phone.

TFMC Blogs

No £100 Late Fee for Late Tax Return


During 2014 over 800,000 people received a late submission penalty. This was mostly due to a new requirement meaning parents earning between £50,000 and £60,000 a year and claiming child benefit must file a tax return.

VAT Update - Road Fuel Scale Charges 2015/16


If a VAT registered business purchases road fuel for business use, but there is also private use an adjustment is required to account for VAT claimed on the private usage of the fuel. This is done by using VAT fuel scale charges to add back a fixed sum as determined by HM Revenue & Customs. As with car and fuel benefit the CO2 band is used to calculate the scale charge.



Find out how long it would take you to earn the same amount as some of Britain's richest people saw their fortunes grow by last year. We used figures published in the Sunday Times Rich List 2015 to come up with our fun calculator.

Company Car Tax Advice


Rules concerning company car taxation are complicated and can be difficult to understand. Company Directors and employees earning more than £8,500 per year must pay tax on their personal usage of company vehicles by way of Benefit In Kind (BIK) taxation.

5 Reasons to Fill Out Your Tax Return Early


By now HMRC will have sent you a reminder to file your 2014-2015 tax return. Since you have until 31st January 2016 to file your return, it is all too easy to put it off until later in the year. After all you’re busy running your business and filing your tax return is not a priority.

Top 10 Bookkeeping Tips


Do you struggle to balance your books each month? Not sure what you should be doing? Maybe you have a mountain of invoices and receipts taking over your desk. Click here to read 10 useful bookkeeping tips.

Mega List of Tax Deductions for UK Companies


Many businesses unnecessarily pay additional tax each year. This is because legitimate tax deductions go unclaimed. This situation is particularly rife amongst small business owners who choose to manage their affairs without seeking the advice of a professional tax advisor.

HMRC Announces End to Automatic Fines For Late PAYE Filings


HMRC has announced this month that businesses with fewer than 50 employees will no longer be subject to automatic fines if they are late filing their PAYE submissions. A three day grace period will be afforded for such businesses falling within the requirements.